Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The March rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.</li>
<li>The largest inflows will be on <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>. </li>
<li>The largest outflows will be on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>, <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC (883 HK)</a> and <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">SMIC (981 HK)</a>.</li>
</ul>


The March rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.
The largest inflows will be on Li Auto (2015 HK), Meituan (3690 HK), XPeng (9868 HK), JD.com (9618 HK), Alibaba (9988 HK), BYD (1211 HK) and Kuaishou Technology (1024 HK). 
The largest outflows will be on Tencent (700 HK), HSBC Holdings (5 HK), Baidu (9888 HK), Xiaomi Corp (1810 HK), NetEase (9999 HK), CNOOC (883 HK) and SMIC (981 HK).


HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (March 2023)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.9% as of Mar 3rd.</li>
<li>The average A-H premium changed by 0.3ppt week on week, led by communication services, consumer discretionary, financials and offset by real estate, information technology, industrials.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Goldwind, ZTE, China Southern, CRRC, GWM, China Telecom, CCCC, China Oilfield.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.9% as of Mar 3rd.
The average A-H premium changed by 0.3ppt week on week, led by communication services, consumer discretionary, financials and offset by real estate, information technology, industrials.
We highlight weekly changes in A-H premium for Xinjiang Goldwind, ZTE, China Southern, CRRC, GWM, China Telecom, CCCC, China Oilfield.


A-H Premium Weekly (Mar 3rd): Xinjiang Goldwind, ZTE, China Southern, CRRC, GWM, China Telecom

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Feb 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Greatwall Motor, Yum China, Meitu, Techtronic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 24th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Greatwall Motor, Yum China, Meitu, Techtronic.


HK Short Interest Weekly: Greatwall Motor, Yum China, Meitu, Techtronic

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.6% as of Feb 24th.</li>
<li>The average A-H premium changed by 2.0ppt week on week, led by utilities, health care, financials and offset by information technology, industrials.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.6% as of Feb 24th.
The average A-H premium changed by 2.0ppt week on week, led by utilities, health care, financials and offset by information technology, industrials.
We highlight weekly changes in A-H premium for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.


A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 24th.</li>
<li>We estimate the weekly outflows to be US$582.6 million, led by information technology, health care, and offset by industrials, materials, consumer staples.</li>
<li>We highlight flows for Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 24th.
We estimate the weekly outflows to be US$582.6 million, led by information technology, health care, and offset by industrials, materials, consumer staples.
We highlight flows for Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An Insurance.


Northbound Flows (Feb 24th): Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An Insurance

China

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

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Ping An Insurance (H) (2318 HK)

HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (March 2023)

The Hang Seng indices rebalance Friday. Capping uses today's closing prices. The one-way trade across all stocks across the indices is estimated at...

Brian Freitas

A-H Premium Weekly (Mar 3rd): Xinjiang Goldwind, ZTE, China Southern, CRRC, GWM, China Telecom

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Goldwind, ZTE, China Southern, CRRC, GWM, China...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Greatwall Motor, Yum China, Meitu, Techtronic

We analyzed the latest HK SFC report for aggregate short position as of Feb 24th and highlight short interest changes in Greatwall Motor, Yum...

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.

Ke Yan, CFA, FRM

Northbound Flows (Feb 24th): Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An Insurance

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)